On August 25, 2009, NFA issued a Complaint charging Blue Sky and Schneider with willful submission of materially false or misleading information to NFA; cheating, defrauding or deceiving another person or attempting to do so; and distributing a disclosure document without required pre-submission to NFA.
On November 17, 2009, Blue Sky was ordered to immediately withdraw from NFA membership and never apply for NFA membership or principal status with any NFA Member at any time in the future. Schneider was ordered to immediately withdraw his NFA associate membership and principal status with any NFA Member and never apply for NFA membership, associate membership or principal status with any NFA Member at any time in the future.
On June 30, 2009, NFA issued a Complaint charging GlobeFX Club with failing to cooperate with NFA in its investigation of GlobeFX Club’s operations and providing false and misleading information concerning the firm’s operations. The Complaint also charged GlobeFX Club and Morton with failing to comply with NFA Compliance Rule 2-36(e) in the supervision of GlobeFX Club’s forex activities.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
On July 16, 2009, Morton filed an Answer to the Complaint in which he denied the material allegations contained therein.
On November 19, 2009, Morton was prohibited from applying to be a principal of any NFA Member or acting in a capacity requiring him to be disclosed as a principal of any NFA Member for five years. If Morton again applies for NFA membership or associate membership, then, in such event, he was ordered to pay a $10,000 fine, due and payable at the time he makes such application. Until such time as Morton pays this fine in full, not action will be taken to process his application.
On August 26, 2009, NFA issued a Complaint charging TNL with using misleading promotional materials and failing to submit promotional material to NFA prior to first use. The Complaint also charged TNL and McGowan with failing to diligently supervise.
On October 8, 2009, TNL and McGowan filed an Answer to the Complaint in which they denied the material allegations contained therein.
On November 20, 2009, TNL and McGowan were ordered to pay a $15,000 fine of which they are joint and severally liable.